Special loans from Commercial Bank for ‘Victoria Range’ bungalows

People aspiring to own a luxury residence or holiday bungalow nestled amidst the lush and tranquil hills of Kandy can now obtain financial assistance for the purpose from the Commercial Bank of Ceylon.

An agreement entered into by the Bank with Nivasie Developers (Pvt) Ltd., paves the way for Commercial Bank to provide housing loans at concessionary interest rates for the purchase of residential properties at Nivasie’s ‘Victoria Range Bungalows’ at Digana.

An interest rate of 11.5 per cent per annum will apply to these loans for the first three years. A floating interest rate linked to the Central Bank’s Prime Lending Rate will apply thereafter. The repayment period is up to 20 years, but an extension of the period can be negotiated, the Bank said.

The ‘Victoria Range’ comprises of 320 luxury bungalows, priced at Rs. 7.5 million upwards. Already, 240 bungalows have been sold by Nivasie Developers.

All modern amenities and recreational facilities including a pool and a club house, well laid out road network, gymnasium, playground, jogging track through a wooded reserve, children’s playground, parks and tennis and squash courts are part of this exclusive development.

Twenty four-hour security services are also provided for the complex which has been constructed with the use of the best and most environment-friendly practices and high quality materials, Nivasie Developers said.

“The low interest environment prevalent in the country at present has boosted the demand for housing and Commercial Bank, as one of the fastest growing providers of housing loans, has developed strategic ties with several reputed developers to take advantage of this opportunity,” a spokesperson for the Bank said. “Our partnership with Nivasie Developers will enable the Bank to serve an important market segment.”

The Bank provides home loans at competitive rates to fulfil funding requirements for the purchase of houses and land for construction; for the renovation, extension and completion of houses and for the purchase of condominium apartments in urban areas. The Bank also accepts the transfer of home loans of other banks at lower rates. Customers have the option of choosing variable or fixed interest rates according to their needs. The longer repayment periods and the fact that minimum paperwork is required by the Bank -- which speeds up the process -- have made Commercial Bank home loans a preferred option, the spokesperson added.

Nivasie Developers, a fully owned subsidiary of International Construction Consortium Ltd (ICC), one of the leading construction companies in Sri Lanka, comes under the flagship of the Finco Group of Companies. Nivasie which commenced operations in 2000 has completed projects such as Nivasiepura and The Nest at Ja Ela and Hill Crest Estate at Piliyandala. All Housing Projects of Nivasie are based on Eco-friendly Concepts.